Auckland, NZ, & Liechtenstein, October 11th, 2018 - Eloom, a leader in asset-backed token investment in renewable energy infrastructure, and SingleSource, pioneers in decentralised risk scoring and identity verification, are pleased to announce that eloom will use SingleSource’s Know Your Customer (KYC) service to simplify its investor on-boarding and provide transparency on the source of funds invested in its platform during its Initial Token Offering (ITO).
Eloom’s mission is to build sustainable, renewable energy infrastructure fit for the demands of the digital world. It intends to generate profits from its power generation through crypto-mining, blockchain solutions and providing green cloud services. To raise the funds needed, it offers the first security asset-backed token approved in the EU. Eloom’s token is backed by the infrastructure it invests in, making it an attractive option for those looking for a blockchain-based investment under-pinned by real assets.
Eloom is required by law to know the source of funds invested in its ITO. As part of the investor agreement required to purchase eloom tokens in the ITO, applicants must meet eligibility criteria which includes KYC compliance as well as anti-money laundering (AML) laws and regulations of the FINMA in Switzerland, the FMA in Liechtenstein and the BAFIN in Germany, for example.
Eloom turned to SingleSource to provide a KYC solution that would take the burden of investor verification off them, while simplifying the process for investors and providing transparency over funding sources. Eloom will use an API-based version of SingleSource’s KYC to enforce the entire KYC and AML process including passport verification, sanction, fraud & crime checks and crypto-wallet screening.
SingleSource verifies this information and creates a risk score for each investor. Since the record for this data is stored in the blockchain and cannot be altered it provides both transparency and surety. Beyond the initial engagement with investors, eloom will use SingleSource’s KYC in all ongoing interactions with its investor community to create a trusted community around its project.
SingleSource CEO Kelvin Chandran says, “With the use of SingleSource, eloom has an investor on-boarding process that takes the burden off them while providing a trusted and transparent process for verifying investors and protecting their personal data. After the initial data collection, investors get a simplified identity verification process with eloom for future interactions. More importantly, SingleSource provides a holistic risk view of investors through its enhanced KYC and crypto-AML solution. This will help eloom maintain transparency over the source of funds invested in the ITO.”
Eloom’s Co-Founder & CMO Marc Lanz says, “At the heart of our project is a desire to use blockchain and cryptocurrency in a green, sustainable way. Crypto-mining is energy intensive and we’ve set out to mitigate that by creating green energy sources that power our blockchain solutions and generate profits for our investors. SingleSource helps us ensure that the entire process of funding the project not only meets our KYC and AML regulatory requirements, but also that the community we build around the project is one that sees the potential for using blockchain technology to create ethical business opportunities. Becoming one of the very first Asset-Backed — Security Token, regulated in Liechtenstein and accepted in the European Union, is only made possible thanks to a partner like SingleSource.”
Eloom operates in the space where energy production, technology and sustainability meet. We build green power installations to support technology applications for a sustainable purpose. For example, we want to be involved in the so-called Smart City Solutions and provide green power to support technology to optimise city functions to improve quality of life and energy efficiency.
SingleSource Platform Pte. Ltd (“SingleSource”) provides a decentralised risk scoring and identity protocol that puts the individual in control of their own personal data by leveraging blockchain technology. Our vision is to support a safer and fairer marketplace for the individual to transact with businesses so that they receive the best value for the service, while enabling organisations to trust the individual and eliminate financial fraud. SingleSource is powered by Centrality, one of the world’s leading, blockchain venture studios.